Membership of the Isle of Man Financial Services Authority
The Transfer of Functions (Isle of Man Financial Services Authority) Order 2015 (“the Order”) states that the Authority shall consist of not less than 7 members appointed by Treasury, subject to the approval of Tynwald. The Order goes on to state that the Chief Executive of the Authority shall also be a member.
The Treasury has appointed the following persons to be members of the Authority:
Lillian Boyle (Chair)
Lillian was previously a Member of the Isle of Man Insurance and Pensions Authority, having been appointed in April 2012. She was appointed Deputy Chair of the Financial Services Authority in November 2015 and Chair in June 2018. She is a lawyer, a Chartered Fellow of the Securities & Investment Institute, a Fellow of the Chartered Insurance Institute (CII) and a Chartered Insurer, as well as a Trust & Estate Practitioner.
Having been Managing Director and Chairman of Isle of Man based International Life Companies Lillian has held various non-executive roles in the investment and trust sectors on the Island as well as in UK life assurance. She has been a member of the UK Financial Reporting Council’s Conduct Committee being particularly involved in the oversight of Audit Quality Review work and has also been Chairman of several Audit & Risk Committees as well as local professional and educational bodies.
She is a former UK President of the CII and currently sits on professional standards and ethics committees and is a Trustee Director of a UK based charity.
Karen Badgerow (Chief Executive)
Karen was appointed to the position of Chief Executive in November 2015. Prior to this she served over 30 years with the Canadian government in senior roles in financial services regulation. Most recently she was Senior Vice-President with the Canada Deposit Insurance Corporation heading up their Insurance and Risk Assessment Division. Before joining CDIC, Karen spent over 25 years with the federal banking and insurance regulator, the Office of the Superintendent of Financial Institutions, and was responsible in her last position for oversight of the federal banking sector. She also represented Canada on a number of international committees including the Senior Supervisors Group and the FSB's Supervisory Intensity and Effectiveness Committee. Karen holds a Bachelor’s degree and a Master’s degree in Public Administration from Carleton University in Ottawa, Canada.
Juan Clarke (Member)
Juan was appointed in March 2016. Prior to this he was Managing Director of the Clerical Medical International (CMI) Group of Companies, part of the Lloyds Banking Group comprising trust, fund management and venture capital investment companies and Scottish Widows offshore insurance arm, CMI Insurance Company Limited. He has over 30 years’ experience since starting his career with Barclaytrust in 1982 and at CMI worked in various senior roles specialising in insurance, investments and fund management. Juan currently holds non-executive director positions in the Isle of Man and Luxembourg and is a Chartered Fellow of the Chartered Institute for Securities and Investment and holds Chartered Wealth Manager status with the Institute.
David Stacey (Member)
David was previously a Member of the Isle of Man Insurance and Pensions Authority, having been appointed in April 2012. He was appointed to the Financial Services Authority in November 2015. . Prior to his retirement in 2009 he was Managing Director of Tower Insurance Company Limited and had previously spent his career in various senior management roles within RSA Insurance Group, Tower’s parent.
David is a Fellow of the Chartered Insurance Institute and a Chartered Insurer, and holds the Institute of Directors’ Diploma in Company Direction. He is a non-executive director of a number of companies and a board member of several local charities.
Mark Waterhouse (Member)
Mark was appointed in November 2015. He has held a number of key positions in banking including Managing Director of Halifax International (Isle of Man) Limited and Managing Director of Halifax International Limited in Jersey. He is currently Non Executive Director of ZBI Limited, which was formerly Zurich Bank International Limited. Mark was CEO of this bank until 2017.
Since moving to the Isle of Man in 1997 Mark has been an active member of the Isle of Man Bankers Association and until October 2015 held its Presidency, a position he held for nearly five years, having previously held the same position in 2000. He is also currently President of the Isle of Man Centre of the London Institute of Banking & Finance and is a Fellow of the Institute of Directors and currently serves on the Committee of its local branch in the Isle of Man.
Paul Wright (Member)
Paul was previously a Member of the Isle of Man Financial Supervision Commission, having been appointed in May 2012. He was appointed to the Financial Services Authority in November 2015. Paul spent most of his career with the Bank of England where, among other roles, he had supervisory responsibility for global institutions. He was alternate Executive Director at the IMF in the early 1990s. He worked in the UK Financial Services Authority for ten years from its creation in 1998, where he oversaw supervision of the major overseas institutions in the UK and subsequently had responsibility for global and EU strategy. Until 2012 Paul was Senior Director at the Institute of International Finance in Washington DC. Paul was the CSFI/Swiss Re fellow in global insurance issues and currently advises a number of supervisory bodies on supervisory practice internationally.
On 19 June 2018, Tynwald approved the appointments of Leam Thompson and Jane McAndry as Members of the Authority, profiles for these two additional members will be added in the near future.